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Business Law for Accountants The term “lease”, used in the UCC, has the same meaning as...

Business Law for Accountants

The term “lease”, used in the UCC, has the same meaning as used in”

~none of the choices are correct

~international financial reporting standards 16-leases

~FASB ASC paragraph 842

~SEC staff accounting bulletin 105

~International accounting standards 17-leases

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Answer #1

The meaning of the term 'lease' in the UCC I.e unified commercial code as

Lease" means a transfer of the right to possession and use of goods for a term in return for consideration, but a sale, including a sale on approval or a sale or return, or retention or creation of a security interest is not a lease. Unless the context clearly indicates otherwise, the term includes a sublease.

It contains operating lease and finance lease as stated in

INTERNATIONAL ACCOUNTING STANDARD 17 LEASES

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